Kellogg, Burton’s Said to Make Bids for United BiscuitsManuel Baigorri, Kiel Porter and Ruth David
Companies including Burton’s Biscuit Co. and Kellogg Co. have made bids to acquire United Biscuits Holdings Ltd., according to people familiar with the matter.
Other bidders for the maker of snacks such as Jaffa Cakes and Twiglets include Turkish food producer Ulker Biskuvi Sanayi AS, the people said, asking not to be identified because the process is private. Second-round bids, which are expected to value the company at about 2 billion pounds ($3.3 billion) are expected by the middle of October, the people said.
Private-equity firms Blackstone Group LP and PAI Partners SAS, which bought United Biscuits in 2006 for more than 1.6 billion pounds, are working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. to explore a sale or an initial public offering of the company, with a final decision due by November, the people said.
Representatives for Ulker, Burton’s owner Teachers’ Private Capital, Blackstone Group and Kellogg declined to comment. A representative for PAI Partners didn’t immediately respond to a request for comment.